Demand for sustainable commercial property rises modestly, but supply side still falls short

Demand for sustainable commercial property rises modestly, but supply side still falls short

by • Environment, News, Property

sustainable commercial propertyProgress is being seen in some aspects of the built environment on the drive to be more sustainable, according to the latest annual sustainability report produced by RICS, however the rate of advancement needs to accelerate significantly and become more widespread. The 2022 RICS Sustainability Report, which collated sentiment from almost 4,000 chartered surveyor contributors, around 1200 of which are from the UK, across commercial and construction sectors globally, shows that some improvement in the push for sustainability has been made in the past year, notably in the commercial real estate sector as demand for sustainable commercial property continues to rise. More →

EDGE Valley set to transform Amsterdam business district

EDGE Valley set to transform Amsterdam business district

by • Company news, Property

EDGE ValleyReal estate developer EDGE has announced the official opening of Valley, the high-rise designed by MVRDV, which was recently declared the world’s best new skyscraper by the Emporis Awards. The firm claims that the addition to Amsterdam’s business district will mark a shift in thinking for urban development as a whole, transforming the Zuidas district into a vibrant and lively urban quarter. The fully leased 75.000-square-meter development, was officially opened in the presence of Reinier van Dantzig, Alderman for Housing and Urban Development, Municipality of Amsterdam, the Board of RJB Group of Companies, Winy Maas, Founding Partner at MVRDV, Coen van Oostrom, Founder & CEO of EDGE and all parties involved in the project. More →

Hybrid work may be ‘here to stay’, but the office remains essential for many businesses

Hybrid work may be ‘here to stay’, but the office remains essential for many businesses

by • Flexible working, News, Property, Workplace design

hybrid workingAs businesses continue to evolve their workplaces to best meet the needs of their employees, JLL’s global Future of Work Survey claims that 72 percent of decision makers believe the office is critical to doing business. The research shows that over the next several years companies anticipate hybrid work to become the dominant model and will be looking across their real estate portfolios to re-think their office spaces, invest in new technology, including virtual offices, and prioritise sustainability. More →

Government commits to a further £2billion cut in property estate

by • News, Property

More than £2 billion in savings will be realised from the sale of UK public sector real estate and other efficiencies, Minister Jacob Rees-Mogg has announced. The savings are part of the new Government Property Strategy, which has now been published.  As part of the plans, the government will sell £1.5 billion of property assets over the next three years as projects such as the Government Hubs programme sees government staff consolidated into fewer buildings. £500 million of savings will also be made by reducing operating costs, using modern building materials and energy sources, and cutting spend on leases. More →

Central London office market take-up returns to pre-Covid levels

Central London office market take-up returns to pre-Covid levels

by • News, Property

central london office marketThe Central London Office leasing market has seen occupiers expanding their footprint at record levels, according to the research from real estate advisor, CBRE. Following what CBRE claims was an unprecedented downturn in activity as a result of the pandemic, Central London office take-up reached 12.7m sq ft for the 12-months to the end of Q2 2022, an increase of 153 percent when compared to the same period last year and 5 percent above the ten-year average. More →

Commercial property values fall during July

Commercial property values fall during July

by • News, Property

commercial propertyCapital values decreased 0.5 percent across all UK commercial property in July 2022, according to the latest CBRE Monthly Index. Over the month, rental value growth was 0.3 percent. Total returns were -0.1 percent. In July, capital values for the office sector decreased 0.1 percent. Capital value growth was pulled down by Outer London and M25 offices and offices in the rest of the UK both reporting a decline of 0.3 percent. Central London offices posted a capital value growth of 0.1 percent. Rental values for the office sector increased 0.1 percent in July. Rental growth was driven by Outer London and M25 offices (0.4 percent) and rest of UK offices (0.3 percent). In July, total returns for the office sector were 0.4 percent. More →

Podcast: the weak arguments in favour of offices and the problem with the future of work

Podcast: the weak arguments in favour of offices and the problem with the future of work

by • Features, Flexible working, Podcasts, Property, Technology, Wellbeing, Workplace design

future of work and real estateMark Eltringham the publisher of Workplace Insight and IN Magazine recently joined Caleb Parker, the founder of Bold, on his Work Bold podcast for an unscripted chat on: the future of work and how it may shape the future of commercial real estate; the reasons why anybody might ever want to go back to an office to work; the problem with weak arguments both for and against offices; and the importance of culture and flexibility rather than fixed times and places of work in determining people’s day to day experiences of work. The prompt for this conversation was the occasional discussion on social media over the past couple of years and a recent article exploring the value of weak ties.  More →

Commercial real estate enters downturn in UK, claims RICS

Commercial real estate enters downturn in UK, claims RICS

by • News, Property

commercial real estateThe UK’s commercial real estate market is entering or might already be in a downturn, according to an industry survey from the Royal Institute of Chartered Surveyors. As higher interest rates push up investors’ financing costs and economic sentiment takes a dive, 43 percent of respondents to its quarterly commercial property survey thought the sector was in the early stages of a downturn, and a further 10 percent thought it was in the middle of one. By contrast, three months ago 53 percent said the sector was in the early or middle stages of an upturn, a proportion that has now slumped to 22 percent. More →

Corporate real estate firms lagging on digital transformation

Corporate real estate firms lagging on digital transformation

by • News, Property, Technology

corporate real estate and digital transformationResistance to change and lack of resources are holding back real estate firms on digital transformation, a new report [registration] claims. The study involved more than 175 innovation leads in corporate real estate organisations at locations worldwide, including British Land, JLL, Cushman & Wakefield and Buro Happold. Authored by Swedish PropTech academic Olli Vigren, the report sets out to explain why the sector has fallen behind other industries in adopting new technology. More →

Enduring problems holding back success of UK government property strategy

Enduring problems holding back success of UK government property strategy

by • News, Property, Public Sector

government propertyLongstanding problems such as poor data pose major risks to the successful delivery of the UK Government’s property strategy, according to the National Audit Office (NAO). Central government property, valued at £158 billion, is one of government’s largest assets. It includes offices, hospitals, academy schools, jobcentres, courts, prisons and museums. The Office of Government Property (OGP) sets the strategic direction for the management of government property. The Cabinet Office has categorised properties into 12 portfolios (such as health, defence and school portfolios), 10 of which are led by a single department or arm’s-length body. The Government Property Agency (GPA) sets and implements a property strategy for the government’s office and warehouse portfolios. More →

Rising office fit-out costs begin to hit occupiers

Rising office fit-out costs begin to hit occupiers

by • News, Property

office fit-out costsAn analysis by Savills of Q2 2022 Prime Office Costs (SPOC) in global markets around the world suggests that inflation and supply chain issues are now feeding into office fit-out costs and keeping occupiers’ net effective costs high in many cities around the world. Over the past year office fit-out costs have risen an average of 6 percent across the SPOC cities that have so far reported rises says Savills, although proportionally they remain a small part of overall costs compared to rents. More →

Calls for tax measures to speed up decarbonisation of commercial property

Calls for tax measures to speed up decarbonisation of commercial property

by • Environment, News, Property

decarbonising commercial propertyIn its response to a consultation on the reform of capital allowances, the British Property Federation urges the Government to increase tax relief for capital expenditure on building projects that support the Government’s net zero and levelling-up ambitions and introduce a new tax credit system similar to that which applies to Research & Development spending. Buildings are responsible for around 30 percent of all greenhouse gas emissions in the UK and reaching net zero by 2050 will require significant capital investment in new types of building, building techniques and new technologies to improve the energy efficiency of domestic and commercial property. More →

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